News Summary

• On-chain data from Arkham Intelligence shows that Grayscale has sent roughly $500 million in Bitcoin to Coinbase in just the last six hours alone.European asset manager CoinShares’ head of research, James Butterfill, said the outflows likely explain BTC’s price dip..
• “GBTC has been dominating trading volume, is the leading risk transfer vehicle, and has had the best performance of all spot Bitcoin ETFs since its launch,” John Hoffman, Grayscale’s managing director of sales and distribution, said..
• Blame it on the ETFs.Bitcoin has taken a hard hit this week, falling by over 14%, despite the historic approval of spot crypto exchange-traded funds (ETFs) just over seven days ago..
• “Further price weakness depends on when GBTC holders stop selling,” he told Decrypt over text message, while also acknowledging that GBTC’s fees are relatively much higher than competition..
• Investors fleeing GBTC is, in turn, leading Grayscale to shift large amounts of BTC to its custodian, American crypto exchange Coinbase, to sell—causing the price of Bitcoin to dip..
• Despite the outflows, Grayscale told Decrypt that the fund was a success due to sheer trading volume..